GA Tax Sales
Hi, I have been heavily researching the concept of tax sales, and in particular, tax sales within the state of Georgia.
I recognize that Georgia is a state with a right of redemption, which according to my understanding, is 1 year with a 20% penalty. So if my understanding is correct, if the property I buy at auction is redeemed within the first year of the sale, I am entitled to the amount I originally invested, plus an additional 20% of my original investment?
Also, Georgia appears to be quite complicated with regard to ending the redemption period after one year (many obstacles). Does anyone have any experience with Georgia Tax sales, and if so, any complications with ending the redemption period?
Finally, what is the most efficient approach for completing due diligence on titles of the properties I was interested in buying? (i.e. What should I look out for, or the consequences of buying a shady title) Do title companies offer some type of title insurance for tax sale properties once I own one?
Thank you, I look forward to a response.
Michael
Michael Medwed--(GA)-----------------
"Do title companies offer some type of title insurance for tax sale properties once I own one?" You can easily get an answer to this question. Call up some local title companies and ask them directly.
As to whether you get 20% on all of your purchase price? Sorry, I don't know. This sort of detailed question is why you should, in my opinion, read carefully all the state statutes on the collection of delinquent property taxes, tax sales, redemption, etc. And you should not read them on the web. There you only get the "black letter law," the statutes as written. You should be going to the a law library and reading the "annotated" laws which discuss intrepretations of the law as written by judges in actual trials. Surprisingly enough, you will probably find not too many law suits related to tax sales. I don't know why that is, expect perhaps that there just have not been too many tax sales buyers and they don't do much litigation.
You can answer these questions for yourself if you study the laws.
Good Investing***********Ron Starr*********
Michael, I am also in the process of trying to learn as much as I can. I have come across a few pretty useful websites. I would also be interested in learning more as well. Shoot me an email and maybe we can swap knowledge.
Brian
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